Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On Septernber 1,2022, GBC Corporation purchased a new machine for its assembly process at a cost of ( $ 136,400 ). The compary estimated that

image text in transcribed
On Septernber 1,2022, GBC Corporation purchased a new machine for its assembly process at a cost of \\( \\$ 136,400 \\). The compary estimated that the machine would have a trade-in value(read residual) of \\( \\$ 16,400 \\) at the end of its useful life. Itvuseful bife war estimated to be sox years and its working hours were estimated to be 13,000 hours. GBC's year end is December 31. (Round depreciation per uait to thee decimal places.) GAC Corporation prepares its financial statements using IFRS. instriactions Calculate the depeciation expense under vach of the following:- a. Straight line method for 2022 . Do not cound intermediate calculations and round the final answer to the aeares dollar. b. Activity method for 2027, assumingt that machine use was 800 heurs. Do not round intermediate calculations and round the per-hour charge to three decimal places. c. Double-declining-balance method for 2022 and 2023 . Alound the consant percentage rate to two decimal places and found the final answer to the nearest dollar. d. Taxation Capinal cost allowance method for 2022 and 2023 using a CCA rate of \25, Round the final answer to the nearest dollar: Hint CCA only applies for half a vear in the vear of acquisition and half a year in the year of disposal AvD it is a single decling balnce method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions